In the past most government spending was funded from import tariffs. Simon Evenett and Marc-Andreas Muendler discuss whether this practice could work today, paying attention to the displacement effect on revenues
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It is five years since Brexit. Jesper Berg, Rebecca Christie, Hans Geeroms and Francesco Papadia argue that the EU and UK should address issues with the clearing and settlement industry and letterbox firms to protect financial stability, withstand transatlantic turmoil and help their respective economies thrive
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Dave Ramsden discusses the BoE’s role in wholesale payments infrastructure and innovation, examining how both public and private innovation could reduce market frictions and support growth, outlining the Bank’s next steps for experimentation in wholesale payments
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The European defence and climate agendas are not entirely in conflict. Simone Tagliapietra writes that beyond the debated public spending trade-off between defence and climate goals lie converging interests which should form the basis for a common defence and climate agenda
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European countries need to raise defence expenditures on a sustained basis. Jeromin Zettelmeyer, Armin Steinbach and Guntram Wolff consider the proposed European Defence Mechanism and answer some of the burning questions about the EDM
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Which countries will be pivotal for the success of EU defence funding instruments? Marco Buti and Marcello Messori say that history shows that decisions by single EU countries can determine whether member states as a whole take up new European initiatives
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Cybercrime is in the rise and cybercriminals are getting more innovative. Michael Barr examines how Gen AI enables deepfake technology and what should be done to protect against this risk in finance
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Agnès Bénassy-Quéré considers the idea that there could be lasting reversal of exchange rates following an international currency agreement highly speculative, and argues that a multipolar system would attenuate the Triffin dilemma and provide the US with a deficit-adjustment tool
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The tariff policy of the United States is coming to light. Ignacio García Bercero argues that the European Union should reinforce European leadership and seek allies as part of a strategy on US tariffs, and should not get sucked into US decoupling from China
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The European Union should form an international open trade coalition in response to Trump’s tariffs, says André Sapir. A formal commitment to open rules-based trade by the EU and likeminded countries is essential to respond to today’s dangerous new trade reality
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